Transportation
Pirates' Toll (Part 3): The Art of the Ransom Deal
[This is the third part of a four-part series on the rise of hijack-and-ransom piracy in the shipping lanes off the coast of Somalia, and the costs it poses to the merchant shipping industry -- and global trade as a whole.]
>>The Pirates' Toll: Part 1
>>The Pirates' Toll: Part 2
>>The Pirates' Toll: Part 4
According to the International Maritime Bureau's 2008 annual report on world piracy, the attack occurred at about a quarter to eight in the morning, local time. Flashes of hearsay, of details cobbled from secondary sources: Two speed boats carrying 11 or 12 men (no one seems to know for sure, except, probably, the pirates themselves), overtook the MV Biscaglia in the Gulf of Aden. Slow and low, the ship had fallen two hours behind the convoy led by the French naval frigate. The people on the skiffs, most of them apparently teenagers, carried AK-47s and a rocket-propelled grenade launcher -- the de rigueur weaponry of Somalia's pirate squad.
|
TheStreet Premium Services
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn MoreOptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn MoreReal Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn MoreStocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn MoreTo begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
|
|---|---|---|---|---|
| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
Oil *
101.78
|
|
DOWN
26.41 |
DOWN
2.99 |
DOWN
10.02 |
DOWN
0.44 |
10 Yr
1.58%
SPDR Gold
151.62
|
|
-0.21%
|
-0.23%
|
-0.35%
|
-2.71%
|
Data delayed 20 minutes |



Connect with TheStreet